China’s soybean imports are likely to touch a record high of 57.5 million metric tons in 2012, up 9.3 percent year-on-year, due to the country’s booming demand and shrinking domestic output. China’s soybean growing area fell 13.8 percent from the previous year to 5.79 million hectares in 2012, marking five consecutive years of decline, according
Chinese soybean buyers tour of Wayne Fredericks’ farm in Mitchell County.
China passed the U.S. last year for the first time to become the biggest importer of agricultural products and also increased its exports, according to data by the World Trade Organization. Imports, including food and beverages, rose 34% to $144.7 billion in 2011 from $108.3 billion in 2010, according to Bloomberg calculations based on data